Washington

Palisade Group, Sabal Investment Holdings Acquire Two-Building Office Campus in Seattle for $47.5M

by Amy Works February 16, 2024

SEATTLE — Palisade Group and Sabal Investment Holdings have purchased two office buildings at 1000 and 1100 Dexter Ave. in Seattle’s South Lake Union submarket for $47.5 million, or $213 per square foot. Totaling 223,333 square feet, the Class A property offers access to various transportation options, including direct connectivity to Westlake, Eastlake and bike paths for the Fremont commuters, along with proximity to an abundance of walkable amenities and neighborhoods. Kevin Shannon, Nick Kucha, Michael Moll, Rachel Jones and Liam Ogburn of Newmark represented the sellers, SBC and Stockbridge, in the deal.

February 16, 2024

Acquisitions Midwest Multifamily Ohio Seniors Housing Top Stories Washington Western

Welltower Agrees to Acquire 25-Property Affinity Living Active Adult Portfolio for $969M

by Kristin Harlow February 14, 2024

TOLEDO, OHIO — Welltower Inc. (NYSE: WELL) has agreed to acquire 25 active adult properties from Affinity Living Communities for $969 million. The off-market transaction is part of a long-term strategic partnership between the two companies, with plans for future development activity together. The portfolio encompasses nearly 3,900 units predominately located in the Pacific Northwest. Welltower says the acquisition will enable the company to strategically scale the geographic reach of its active adult portfolio into markets with a five-year projected population growth in the 55-plus demographic that is more than 2.5 times higher than the U.S. average. Post-closing, Affinity will continue to manage the portfolio subject to a terminable management contract. Welltower plans to fund the acquisition using cash on hand and the assumption of $523 million of below-market-rate debt with an average interest rate of 3.8 percent and a nine-year weighted average maturity. The purchase price of approximately $249,000 per unit represents a significant discount to replacement cost, according to Welltower. The average property age is eight years. The transaction is expected to close in tranches over the next several months with timing dependent on property-level loan assumption approvals. The deal will expand Welltower’s in-place and under-development active adult …

February 14, 2024

Loans Multifamily Washington Western

TPG Real Estate Provides $79M Refinancing for Marina Square Apartments in Bremerton, Washington

by Amy Works February 13, 2024

BREMERTON, WASH. — JLL has arranged $79 million in refinancing for Marina Square, a waterfront apartment property at 280 Washington Ave. in Bremerton. Seth Heikkila, Tom Wilson and Steve Petrie of JLL Capital Markets Debt Advisory secured the five-year, floating-rate loan through TPG Real Estate Credit for the borrower, Sound West Group. Situated on the Puget Sound waterfront, Marina Square features 270 studio, one- and two-bedroom units with water and mountain views, large windows, vinyl plank flooring, quartz countertops, stainless steel appliances and full-size washers/dryers. Community amenities include a rooftop deck, a club room with indoor and outdoor space, a landscaped public plaza with three venue spaces, a kayak launch and grilling stations. Additionally, Marina Square features 9,158 square feet of retail space divided into three units. Currently named tenants include The Market at Marina Square and YMCA.

February 13, 2024

Acquisitions Loans Multifamily Washington Western

Berkadia Arranges $21.5M Acquisition Loan for Duo Apartments in University Place, Washington

by Amy Works February 13, 2024

UNIVERSITY PLACE, WASH. — Berkadia has secured $21.5 million in financing for the purchase of The Duo Apartments, a Class A multifamily community in University Place, a suburb of Tacoma. Located at 4201 Bridgeport Way West, The Duo Apartments features 104 studio, one- and two-bedroom floor plans ranging from 472 square feet to 989 square feet. Apartments offer washers/dryers, stainless steel appliances, faux wood flooring, designer finishes and patios or balconies. The pet-friendly community features a recreation room, fitness center, outdoor patio/barbecue area, off-street parking and for-rent garages. Michael Manolides and Robert Doxsee of Berkadia Seattle, along with Michael Basinski and Brad Williamson of Berkadia Miami, arranged the financing on behalf of the buyer, a private investor. The borrower acquired the asset for $30.5 million. Coral Gables, Fla.-based Bayview provided the $21.5 million, five-year, fixed-rate loan with flexible prepayment terms.

February 13, 2024

Acquisitions Industrial Washington Western

Marcus & Millichap Negotiates $2.3M Sale of Industrial Property in Buckley, Washington

by Amy Works February 9, 2024

BUCKLEY, WASH. — Marcus & Millichap has arranged the sale of Buckley Commercial Building and Yard, an industrial property in Buckley, approximately 25 miles east of Tacoma. A limited liability company sold the asset to an undisclosed buyer for $2.3 million, or nearly $220 per square foot. Located at 28515 WA-410, the property features 10,512 square feet of industrial space. Matthew Herman and RJ Vara of Marcus & Millichap’s Seattle office represented the seller in the transaction.

February 9, 2024

Acquisitions Retail Washington Western

Alamo Group, Covenant Real Estate Buy 120,169 SF Walla Walla Town Center Mall in Washington

by Amy Works February 7, 2024

WALLA WALLA, WASH. — Alamo Group and Covenant Real Estate Group have acquired Walla Walla Town Center, a shopping mall situated on 31 acres in Walla Walla. Terms of the transaction were not released. At the time of sale, the 120,169-square-foot property was 93 percent occupied. Current tenants include Planet Fitness, Burlington, Ross Dress for Less, Marshall’s, PetSmart, Ulta Beauty, Hobby Lobby, Famous Footwear and Sportsman’s Warehouse. Formerly known as Blue Mountain Mall, the asset was redeveloped and reopened as Walla Walla Town Center in 2018. According to Marcus & Millichap, Bed, Bath & Beyond declared bankruptcy and vacated the premises during escrow and negotiations are underway with Old Navy to backfill some of the center’s vacancies. Christopher Edwards, Clayton Brown and Ruthanne Loar of Marcus & Millichap represented the buyer in the deal.

February 7, 2024

Acquisitions Industrial Washington Western

Cascade RCL Sells The Cascade Building Industrial Asset in Bonney Lake, Washington for $41M

by Amy Works February 6, 2024

BONNEY LAKE, WASH. — Cascade RCL LLC has completed the disposition of The Cascade Building, a 10.3-acre industrial park at 9713 233rd Ave. East within Eastown Jobs Center in Bonney Lake, east of Tacoma. Walter E. Nelson Co. acquired the asset for $41 million. The buyer, a privately owned supplier and manufacturer of facility cleaning supplies and equipment, is relocating to the 184,000-square-foot property from its current location in Auburn, Wash. The Class A, tilt-up industrial building features modern amenities in a campus-like setting. Matt McLennan and Kraig Heeter of Kidder Mathews represented the seller in the deal.

February 6, 2024

Acquisitions Industrial Loans Washington Western

PCCP Provides $25M Acquisition Loan for The Reserve at Woodinville Industrial Building in Washington

by Amy Works February 6, 2024

WOODINVILLE, WASH. — PCCP has provided a $25 million loan to CapRock Partners for the acquisition of The Reserve at Woodinville, a Class A industrial asset located at 15902 Woodinville-Redmond Road NE in Woodinville, northeast of Seattle. Built in 2018 on 8.8 acres, the 159,869-square-foot property features 30-foot clear heights, 19 dock-high doors, four grade-level doors, 137 auto spaces, T-5 energy-efficient warehouse lighting and ESFR sprinklers. At the time of sale, the property was fully occupied by four tenants. Greg Brown, Peter Thompson and Kaden Eichmeier of JLL Capital Markets Debt Advisory secured the non-recourse loan for the borrower.

February 6, 2024

Acquisitions Industrial Washington Western

Dalfen Industrial Buys Industrial Asset in Auburn, Washington for $5.2M

by Amy Works January 31, 2024

AUBURN, WASH. — Dalfen Industrial has acquired an industrial property at 214 21st St. SE in Auburn, approximately 20 miles south of Seattle. A private owner sold the asset for $5.2 million. Situated on 2.1 acres, the property offers 26,920 rentable square feet in a mix of office, industrial warehouse and outside storage yard space. The in-place tenant has three years remaining on its lease at a rate 58 percent below market value, according to Dalfen. Matt McLennan of Kidder Mathews represented the seller in the transaction.

January 31, 2024

Acquisitions Multifamily Washington Western

IPA Brokers $60.5M Sale of Atrium on James Multifamily Community in Kent, Washington

by Amy Works January 26, 2024

KENT, WASH. — Institutional Properties Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Atrium on James, a multifamily property in Kent, midway between Seattle and Tacoma. A tenants-in-common group managed by Open House Westwood LLC sold the asset to FPA Multifamily LLC for $60.5 million, or $201,667 per unit. FPA Multifamily LLC purchased the property on behalf of its Opportunity Fund VII, which has acquired $1.5 billion of assets to date. Giovanni Napoli, Philip Assouad, Ryan Harmon, Nicholas Ruggiero and Anthony Palladino of IPA represented the seller and procured the buyer in the deal. Built in 1989 on 21.5 acres, Atrium on James features 300 one-, two- and three-bedroom apartments, averaging 835 square feet with wood-burning fireplaces; private decks and patios with storage closets; walk-in closets; and washers and dryers. Community amenities include a large clubhouse, outdoor swimming pool, leasing office, resident lounge, business center, fitness center, playground and a sports court.

January 26, 2024

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